Orchestra BioMed (NASDAQ:OBIO) Upgraded by B. Riley to Strong-Buy Rating

B. Riley upgraded shares of Orchestra BioMed (NASDAQ:OBIO) to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

A number of other analysts also recently weighed in on OBIO. HC Wainwright cut their price target on shares of Orchestra BioMed from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 target price on shares of Orchestra BioMed in a report on Tuesday, April 1st. BTIG Research initiated coverage on Orchestra BioMed in a report on Thursday, March 20th. They set a “buy” rating and a $12.00 price target for the company. Finally, Barclays initiated coverage on Orchestra BioMed in a research report on Thursday, January 2nd. They set an “overweight” rating and a $16.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $15.00.

Orchestra BioMed Price Performance

Orchestra BioMed stock opened at $2.76 on Thursday. The firm has a market cap of $104.92 million, a PE ratio of -1.71 and a beta of 0.62. The stock’s fifty day moving average price is $4.71 and its two-hundred day moving average price is $5.10. Orchestra BioMed has a one year low of $2.65 and a one year high of $8.87.

Orchestra BioMed (NASDAQ:OBIO) last issued its quarterly earnings results on Monday, March 31st. The company reported ($0.43) EPS for the quarter, hitting analysts’ consensus estimates of ($0.43). Orchestra BioMed had a negative return on equity of 107.04% and a negative net margin of 2,179.33%. The company had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $0.79 million. Sell-side analysts expect that Orchestra BioMed will post -1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its position in Orchestra BioMed by 26.0% during the 4th quarter. SG Americas Securities LLC now owns 12,785 shares of the company’s stock worth $51,000 after acquiring an additional 2,642 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Orchestra BioMed by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,009 shares of the company’s stock worth $148,000 after purchasing an additional 3,704 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Orchestra BioMed by 43.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,156 shares of the company’s stock worth $53,000 after purchasing an additional 3,992 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Orchestra BioMed by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 572,441 shares of the company’s stock valued at $2,290,000 after buying an additional 5,222 shares during the period. Finally, Northern Trust Corp raised its holdings in Orchestra BioMed by 2.5% in the 4th quarter. Northern Trust Corp now owns 236,761 shares of the company’s stock valued at $947,000 after buying an additional 5,725 shares during the last quarter. 53.55% of the stock is currently owned by institutional investors and hedge funds.

Orchestra BioMed Company Profile

Orchestra BioMed Holdings, Inc operates as a biomedical innovation company. The company’s flagship product candidates include BackBeat Cardiac Neuromodulation Therapy (CNT) for the treatment of hypertension (HTN); and Virtue Sirolimus AngioInfusion Balloon (SAB) for the treatment of atherosclerotic artery disease.